Hello Friends
Trading for past 8 years and after losing thousands each year running around to get the magic bullet. Finally resorted to simple lines and price action.
I trade charts with simple ideas and would like to like to post potential trade set ups and my trades:
System: Find attached my template for the system
Draw Weekly channel- Trendlines or Channel Bands (Outside and Inside) - Black Lines
Understand the trend from Weekly (Up/Down/Range)
1.Weekly trend Up - Trades from Band extreme sell or buy is very profitable and chances for false break to up side is very high
2. Weekly trend Down - Trades from Band extreme sell or buy is very profitable and chances for false break to down side is very high
3.Weekly trend Range- Trades from Band extreme sell or buy is very profitable and chances for false break is low. Any overshoot trade should be studied properly
Band Extremes:
1. I always draw 2 lines for support or resistence either in the form of trendlines or horizontal lines. The extreme lines are called band extremes
2. I look immediately for any price action to go up (lower band extreme) and to go down on (higher band extreme)
3. I always study how the currency behave on the band extreme on prior moves before any trigger
4. Trade always on Band Extremes to the First Trouble Areas (First areas of support(in case of sell) or resistence (incase of buy))
http://clip2net.com/clip/m90706/1357...-clip-23kb.png
Daily Double Pin - Horizontal Lines (Red Lines) - Resistence or Support Lines
1. Draw Red Horizonal Lines either in weekly or Daily where you see price rejecting exactly around the same point.
http://clip2net.com/clip/m90706/1357...-clip-26kb.png
Price Action - Four Hour or Daily (Pins Or False Breaks)
1. Bullish Pin on Up trending bars - Bearish
2. Bullish Pin on Down trending bars - Bullish
3. Bullish Pin on side Market - Bullish when broken upside and Bearish when broken downside
4. Bearish Pin on Up trending bars - Bullish
5. Bearish Pin on Down trending bars - Bearish
6. Bearish Pin on side Market - Bullish when broken upside and Bearish when broken downside
7. Any Pin will be only valid if broken on the next bar immediately for trade confirmation
8. False Breaks is nothing but failed inside bar(IB) break out opposite side of the current price movement.
Risk Management :
1:1 or 1:2 , 50 usd (Low confidence) or 100 usd (High confidence)
Trade Analysis Template: Currency Name)
1. Trend Study (HH/HL or LH/LL or Side) :
2. Band Extreme Study - Previous price behaviour on band extremes
Overshoot: Does price overshoot on earlier band extremes? (Y/N)
Inner Reversal: Does price reversal earlier from only the inner Band? (Y/N)
Outer Reversal: Does price reversal earlier from only the outer Band? (Y/N)
Inner/Outer Reversalrice Reversal on Inner and out Band previously? (Y/N)
If Yes: Then what conditions made the price reverse earlier from the inner band? Reason?
3. Resistence and Support Study
Close to Weekly Channel Extreme Sell? (Y/N)
Close to Weekly Channel Extreme Buy? (Y/N)
Double Pin Support? (Y/N)
Double Pin Resistence? (Y/N) - Value
Dynamic Support/resistence (8/21 ema only daily and weekly) : (Y/n)
Noting Intresting: (y/N)
4. Price Action Study (4hr or daily)
Bullish Pin (from PA notes 1-6)? Y/N
Bearish Pin((from PA notes 1-6)? Y/N
Bullish False Break? Y/N
Bearish False Break? Y/N
No PA Yet?
5. Risk Management Study - First Trouble Areas (noticed?)
FTA Range - (Value)
FTA Below 1: 1 (Y/N) - Note: please do not enter the trade instead enter on the next signal after FTA.
6. Trigger : Enter with risk/reward 1:2
Stop Loss:
Take Profit:
Risk:Reward:
Comments:
Examples:
http://clip2net.com/clip/m0/1357774790-clip-25kb.png
http://clip2net.com/clip/m0/1357848153-clip-19kb.png
Trading for past 8 years and after losing thousands each year running around to get the magic bullet. Finally resorted to simple lines and price action.
I trade charts with simple ideas and would like to like to post potential trade set ups and my trades:
System: Find attached my template for the system
Draw Weekly channel- Trendlines or Channel Bands (Outside and Inside) - Black Lines
Understand the trend from Weekly (Up/Down/Range)
1.Weekly trend Up - Trades from Band extreme sell or buy is very profitable and chances for false break to up side is very high
2. Weekly trend Down - Trades from Band extreme sell or buy is very profitable and chances for false break to down side is very high
3.Weekly trend Range- Trades from Band extreme sell or buy is very profitable and chances for false break is low. Any overshoot trade should be studied properly
Band Extremes:
1. I always draw 2 lines for support or resistence either in the form of trendlines or horizontal lines. The extreme lines are called band extremes
2. I look immediately for any price action to go up (lower band extreme) and to go down on (higher band extreme)
3. I always study how the currency behave on the band extreme on prior moves before any trigger
4. Trade always on Band Extremes to the First Trouble Areas (First areas of support(in case of sell) or resistence (incase of buy))
http://clip2net.com/clip/m90706/1357...-clip-23kb.png
Daily Double Pin - Horizontal Lines (Red Lines) - Resistence or Support Lines
1. Draw Red Horizonal Lines either in weekly or Daily where you see price rejecting exactly around the same point.
http://clip2net.com/clip/m90706/1357...-clip-26kb.png
Price Action - Four Hour or Daily (Pins Or False Breaks)
1. Bullish Pin on Up trending bars - Bearish
2. Bullish Pin on Down trending bars - Bullish
3. Bullish Pin on side Market - Bullish when broken upside and Bearish when broken downside
4. Bearish Pin on Up trending bars - Bullish
5. Bearish Pin on Down trending bars - Bearish
6. Bearish Pin on side Market - Bullish when broken upside and Bearish when broken downside
7. Any Pin will be only valid if broken on the next bar immediately for trade confirmation
8. False Breaks is nothing but failed inside bar(IB) break out opposite side of the current price movement.
Risk Management :
1:1 or 1:2 , 50 usd (Low confidence) or 100 usd (High confidence)
Trade Analysis Template: Currency Name)
1. Trend Study (HH/HL or LH/LL or Side) :
2. Band Extreme Study - Previous price behaviour on band extremes
Overshoot: Does price overshoot on earlier band extremes? (Y/N)
Inner Reversal: Does price reversal earlier from only the inner Band? (Y/N)
Outer Reversal: Does price reversal earlier from only the outer Band? (Y/N)
Inner/Outer Reversalrice Reversal on Inner and out Band previously? (Y/N)
If Yes: Then what conditions made the price reverse earlier from the inner band? Reason?
3. Resistence and Support Study
Close to Weekly Channel Extreme Sell? (Y/N)
Close to Weekly Channel Extreme Buy? (Y/N)
Double Pin Support? (Y/N)
Double Pin Resistence? (Y/N) - Value
Dynamic Support/resistence (8/21 ema only daily and weekly) : (Y/n)
Noting Intresting: (y/N)
4. Price Action Study (4hr or daily)
Bullish Pin (from PA notes 1-6)? Y/N
Bearish Pin((from PA notes 1-6)? Y/N
Bullish False Break? Y/N
Bearish False Break? Y/N
No PA Yet?
5. Risk Management Study - First Trouble Areas (noticed?)
FTA Range - (Value)
FTA Below 1: 1 (Y/N) - Note: please do not enter the trade instead enter on the next signal after FTA.
6. Trigger : Enter with risk/reward 1:2
Stop Loss:
Take Profit:
Risk:Reward:
Comments:
Examples:
http://clip2net.com/clip/m0/1357774790-clip-25kb.png
http://clip2net.com/clip/m0/1357848153-clip-19kb.png
Attached File(s)
#weekly-daily-4hr.tpl
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Uploaded Jan 12, 2013 6:12am